A spot of post lockdown shopping…
I spent this afternoon shopping. “So?” you say? After being in lockdown for 14 weeks it was really strange to be able to wander in and out of shops. Okay I had a face mask on but it was still weird!
I couldn’t help thinking about the little guys, the independent businesses that have been the heroes during the past 14 weeks and I’m hoping I still stay loyal to them. As I hope you do too.
But here’s the rub, I know money is tight and I know the situation is going to get worse before it gets better; so are the independents going to survive the price wars?
Pricing true to your value
During the lockdown I would hope that people will have got to know your brand and recognised it’s value. So, now is not the time to base your pricing on what your competitors are doing. If you do then you’ll end up in a price war and end up fighting for the lowest price.
The only way to move away from this is to separate yourself from the market.
Prove that you have something of value that people would be willing to pay for.
Work out your break-even figures, if you don’t know what this is or how to do it I can help, and work backwards. Then do some ‘what if’ questions
“What if” questions…
- What if I put my price up by X%age how does that look for my profit?
- What if I cut some of my overheads? Do I need such a large office space? How will that affect my utility bills? How does that now look for my profit?
- What is lowest cost I can charge?
- What if I allowed my clients time to pay?
Then, armed with this knowledge you can start to build a serious business and remember people will pay for things they value. Prove to them you are of value.
Together we can look at your business/ the market and find what your clients would value.
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Value Pricing, Monday 27th July 2020, 7 – 7.30pm BST